Charity number: 1126293 THE LAKE HOUSE CHARITABLE FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE LAKE HOUSE CHARITABLE FOUNDATION CONTENTS Page Reference and Admlnlstrdtive Details of the Chaiity. its Trustees and Advisers Trustees, Report Independent Examinerfs Report Statement of Financlal Activities Balance Sheet Notes to the Financial Statsments 7-14
THE LAKE HOUSE CHARITABLE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Trustees Mrs H C Perry, Chair Mr A Candlish. Trustee Mrs S E Mufford, Trustee (resigned 21 April 2023) Mr T A Pery, Trustee Mr M Platt, Twstee Miss S Platt, Trust88 Charity reglstered number 1126293 Principal office PO Box 651 Weybridge Surrey Kf13 3EP Independent examiner and accountants Martin Bailey FCA Goodman Jones LLP Chartered Accountants 29130 Fitzroy Square London W1T6LQ Banke CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ Page 1
THE LAKE HOUSE CHARITABLE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual report together with the financial statem8nts of the Charity for the year 6 April 2023 to 5 April 2024. Objectives and actlvltles a. Policies and objectives The objects of the Charity are: i) The care and support of and the provision of financial support for. disabled and sick children and young people; - children and young people suffering from emotional distress or from lack of stable family upbringing; and - children and young people suffering from social or educational disadvantages. ii) The relief of povety and care of the elderly and the provision of accornrnodatK)n for the elderly. iii) Such general charitable purposes as the Trustees detemiine. The Trustees confirm that they have referred to th8 guidan contained in the Charity Commission's general guidance on public benefrt when revievng the Charitrfs aims and objectrves and in planning future activities and setting the grant making policy for the year). b. Grdnt-maklng policies The Trustees review each application on an individual basis. Assistance is tailored to the specific need of the beneficiary, provided the objects of the Charity are 8atisfRd. Achievements and perfomiance a. Review of activities During the year, we distributed £84.951 {2023: £123,937) to 11 charitable organisations (2023: 20), continuing to support projects that we have assisted previously as well as donating funds to charities not awarded grants previousiy. Financial review a. Going concern After making appropriate enquiries and a$suranS from the Settlor, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable futur8. For this reason, they continue to adopt the going concem basis in preparing the fw)ancial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy Generally, it is the Trustees. polw to expend the Charitys income. HcNvever Sin the demartd for assistance from the Charity occur5 on a irregular basis. the fund balance flucates. At the end of the financial year, the charity had a suplus of £4.120 (2023: £33,594) within unrestrtcted funds. We believe that the Charity has sufficient assets to meet its obligations. Page 2
THE LAKE HOUSE CHARITABLE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 c. Material Investments policy The charitable settlement gives the Twstees wide pthvers to invest as they see frt. The Trustees maintain the policy to invest f the best retum on the assets WTthout unacceptable values of risk. Structure, governance and management a. Constitution The principal object of the Charity is to make distributions mainty to small charities, who are of personal or local interest to the trustees. The Charity is govemed by the charttable settlemént made on 21 April 2008 by Mrs H C Perry. b. Methods of appointment or electlon of Trustees The number of trustees must not be sS than three, nor more than seven. The settlor may nominate a new trustee during her lrfetime. Subject to that. trustees are appointed by the resdution of the acting trustees. c. Risk management The major risks to which the Charity is exposed are consider&1 and, where necessary. steps are tsken to mitigate and minimise those risks. Approved by order of the member5 of the board of Trustees and signed on their behalf by: Helen Perry Chair Date.. 16 /io/2 Y Page 3
THE LAKE HOUSE CHARITABLE FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 Indep8ndent Examinerfs Report to the Trustees of The Lake House Charltable Foundation {'the Chaiity,) I report to the charty Tnjstees on my examinaticffi of the accounts of the Charity for the year ended 5 April 2024. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (Yhe 2011 Acr). I report respect of my examination of the Charws accounts carried out under section 145 of the 2011 Act and in carying out my examination I have followed the applicable Directions given by the Charty Commission under section 145(5)(b) of the 2011 Act. Independent Examinerfs Statement Your attention is drawn to the fact that the Chartty has prepared the a¢Unts in accordance with Accounting and Reporting by Charities: Ststement of Recommended practi applicable to Charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of R8commended Practie£ issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effecttve for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or the accounts do not accord with those records: or the accounts do not comply WFth the applicab requirements concerning the form and content of accounts set out in the Charities (Ac¢ounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fai¢ Vie*Y which is not a matter considered as part of an independent examination. I have no COnmS and have come across no othw matters in connectton wtth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charitvs Trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charitls Trustees those matters l am required to stste to them in an Independent Examinerfs Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibilty to anyone other than the Charity and the ChariVs Trustees as a b(xJy, for my work or for this report. Signed: 16-10-24 Martin Bailey FCA Goodman Jones LLP 29130 Fitzroy Square London W1T6LQ Page 4
THE LAKE HOUSE CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestrlctad funds 2024 Total funds 2024 Total fvnds 2023 Nots Income from: Donations and legacies Investments 59,518 59.518 114 109 Total income 69,558 59,558 223 Expenditure on: Charitable activities 89.032 89,032 127, 623 Totsl expenditure 89,032 89.032 127.623 Net movement In funds {29,474) (29.474) (127,4(Xl) Reconciliation of funds: Total funds brought forward Net movement in funds 33,594 129.474) 33.594 {29.474} 160,994 (127.400) Total funds carried forward 4.120 4.120 33,594 The Statement of Financial Activities indudes all gains and losses recognised in the year. The notes on pages 7 to 14 form part of these financial statements. Page 5
THE LAKE HOUSE CHARITABLE FOUNDATION BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Nots Current assets Debtors Cash at bank and in hand 11 12,046 5,075 140 36, 088 17,120 36,228 Creditors: amounts falling due within one year 12 (13,000) (Z 634) Net current assets 4.120 33.594 Total net assets 4,120 33,594 Charity funds Restricted funds Unrestricted funds 4.120 33,594 Total funds 4,120 33,594 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Chair Date: 16 110 / iy The notes on pages 7 to 14 form part of these financHI statements. Page 6
THE LAKE HOUSE CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 General Infomiation The Lake House Charitable Foundation is a grant4naking charity registered with the Charity Commission in England and Wales. Accounting policie5 2.1 Basis of preparation of financial statements The financial statements have been prepared in attordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charrties: Statement (rf Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf vie¥V. This departure has involved following the Charittes SORP (FRS 102) published on 16 Juty 2014 rather than the Accounting and Reporting by Charrties.. Statement of Recommended Practi effective frorn 1 April 2005 which has Sin been withdr8A. The financial statements are prepared in sterling and round8d to the nearest £. The Lake House Charitable Foundation meets the definitK)n of a public benefrt entty under FRS 102. 2.2 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 2.3 Golng concern The Charity is reliant upon donation income from the settlor to fund its grant-making activities. Grants are only awarded to the extent that the Chanty has r[Ved donations sufficient to fund the grants. The Trustees consider that there are no material UnrtaIntieS about the Charit$ ability to continue as a going concem and consequently believe that the financial statements are appropriately prepared on such a basis. 2.4 Income All income is recognised once the Charity has entttiement to the incom6. it is probable that the income will be received and the amount of inccme re1vable can be measured reliably. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Investment income is included in the accounts when receivable. Donated services are recognised at the value of expenses of the Charty paid on its behalf by the Trustees. Page 7
THE LAKE HOUSE CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting pollcies (contlnued) 2.5 Interest receivable Interest on funds held on deF)OSit is included when receNable and the amount can be measured reliably by the Charity, this is nomialty upon notificatK)n of the interest paid or payable by the inst((ution with whom the funds are deposited. 2.6 Expenditure Expenditure is recognised On there is a legal or cStructIve obligation to transfer economic benefrt to a third paty, it is probable that a transfer of economic beneffts ll[l be required in settlement and the amount of the obligation can be measured reliably. Expendtture is classified by activty. The costs of each activty are made up of the total of direct costs and shared costs. including support costs involved in undertaking each actiwty. Direct costs attributable to a single aCtIty are albcated directly to that activty Support costs are those costs incurred diredy in support of expenditure on the objects of the Charity and include overall management of the Charty. G0Veman costs are those incurred in connection with administration of the Charity and compliance with constttutional and statutory requirernents. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure vAien the conditions attaching are futfilled. Grants offered subject to conditions which have not been met at the year end are noted as commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverabEe VAT. 2.7 Debtors Trade and other debtors are rognISed at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short4enn highty liquid investments with a short maturty of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Liabilities and provlsions Liabilittes are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefrt will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Chartty anticipates it will pay to settle the debt or the amount it has received as advanced panentS for the goods or services it must provide. Provisions are measured at the best estimate of the amounts requirèl to settle the obligation. Where the effect of the time value of money is materral, the provisK)n is based on the present value of those amounts, discounted at the pre-tax discount rate that refiects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. Page 8
THE LAKE HOUSE CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Accounting policies (continued) 2.10 Taxation status The Charty is an exempt charity within the meaning of section 519 of the Income Tax Act 2007. Accordingly, it is potentially exempt from taxation in respect of income or capital gains received within categories covered by section 256 of the Taxation of Chargeable Gains Act 1962, to the exent that such income or gains are applied eXcluSplY to charitable purposes. Critical accountlng estlmates and ar&75 of judgement Estimates and judgements are continualty evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Charity makes estimates and assumptions conceming the future. The resulting accounting estimates and assumptions wtll, by definition, seldom equal the related actual results. The Trustees have not identified any estimates or assumptions that are considered to have a signifant risk of causing a material adjustment to the carrying amounts of assets and Ik3bilities wtthin the next financial year. Income from donations and legacies Unrestrfcted funds 2024 Total funds 2024 Total fvnds 2023 Donations Donations Gift Aid 47,618 11.9 47.618 11,900 114 Subtotal 11,9CL) 11,900 Total donations and legacies 59,518 59,518 114 Investment Income Unrestrfcted funds 2024 ToLI1 funds 2024 Total funds 2023 Bank interest 109 109 Page 9
THE LAKE HOUSE CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Anatysis of expenditure by activities Grant fundlng of actlvlties 2024 Support Total funds 2024 Total funds 2023 2024 Grant funding 84,951 4,081 89.032 127,623 Total 2023 123.937 3.686 127, 623 All expenditure relates to unrestricted funds in both the current and prior years. Analysis of support costs Grdnt fundlng 2024 Total funds 2024 Total funds 2023 Independent examination Administration expenses Subscriptions Bank Gharges 3.186 3,186 2, 820 624 185 185 172 TO Total 2024 4,081 4,081 3, 686 Total 2023 3, 686 3, 686 Analysis of grants Grdnts to Institutions 2024 Total funds 2024 Total fvnds 2023 Grant funding 84,951 84,951 123, 937 Total 2023 123.937 123.937 Pag8 10
THE LAKE HOUSE CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of grants paid 2024 2023 Challengers The Big Give Trust Cltfton Childrens Society ChildhocMJ Eye Cancer Trust Cherry Trees Emperor Foundation Epsom College Development Fund Ipswich Community Playbus In Touch Lily Mae Foundation Lending Hope Kids N Action Over The Wall Regenerate React The Sanderson Centre Sense SASBAH The Ellen MaG4rthur Foundation Theodora Children's Charity LinkAble Rockinghorse Childrens Charty One Eighty GASP Refreshing Minds Grow Cook Eat Young & Inspired 10,000 35,306 3,000 47N51 3.000 29. 131 2,5 2.000 1.51JO 2,000 3,500 10.000 1,500 2,500 1.000 Total 84,951 123,937 Trustees, remuneratlon and expenses During the year, no Trustees received any remuneratton or other benefits (2023- £NIL). During the year ended 5 April 2024, no Trustee expenses have been incurred (2023- £NIL). Page 11
THE LAKE HOUSE CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 10. Staff costs The Charty had no employees in either the current or prior years. 11. Debtors 2024 2023 Due within one year Other debtors - gift aid receivable Prepayments and accrued income 11,900 145 140 12.045 140 12. Creditors: Amounts falling due within one year 2024 2023 Other credttors - grants payable Accruals and deferred income 10,000 3,000 2. 634 13,000 2.634 Page 12
THE LAKE HOUSE CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 13. Analysis of net assets between funds Analysis of net assets between funds - current perfod Unrestricted funds 2024 Total funds 2024 Current assets Creditors due wtthin one year 17,120 (13,000) 17.120 (13,0(10) Total 4,120 4.120 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Current assets Creditors due wtthin one year 36.228 (2.634) 36.228 (2,634) Total 33, 594 33,594 Page 13
THE LAKE HOUSE CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 14. Summary offunds Summary of funds - current year Balance at 6 April 2023 Balance at 5 April 2024 Income Expenditure General funds 33,694 59,558 {89.032) 4,120 Summary offunds- prioryear Balance al 6 Apnl 2022 Balance 81 Income Expgnditure 5 Apnl 2023 General funds 160,994 223 (127,623) 33.594 15. Related party trdnsactions During the period, the Charity received donations frryn trustees totslling £47,600 (2023: £nil). There were no restrictions attached to these donations. Other than disclosed above and elsewhere in these financial statements. there were no related party transactions requiring disclosure for either the current or prior years. Page 14